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$2,250,000

For Sale - Active
1106 E Athens Ave, Henderson, NV 89015
5 Beds
3 Baths
2,988 Square Feet
1.40 Acres Lot
Built in 1980
For Sale - Active
Units n/a
Checked: 1 day ago
Updated: Jun 28, 2025 at 06:47PM

Investment Summary


Monthly Cash Flow
-$7,360
Cap Rate
1.8%
Cash-on-Cash Return
-17.1%
Debt Coverage Ratio
0.31
Internal Rate of Return (5 years)
-12.5%

Property Description


1.40 Acres Lot
Built in 1980
For Sale - Active
Units n/a

DO NOT ENTER PROPERTY WITHOUT APPT. A once-in-a-lifetime opportunity to own two adjoining parcels totaling 2.43 acres with the most awe-inspiring views in the entire Las Vegas Valley—stretching from Boulder City to North Las Vegas, including sweeping city, mountain, and Strip vistas. Just minutes from Lake Mead, this exceptionally rare property offers unmatched potential. Zoned for horses with room to develop additional homes, it’s ideal for a private sanctuary or future investment. The land features a stunning pool, garden space, mature pine trees providing natural shade, and the largest known Saguaro cactus in the area. The tri-level home includes two fully functional residences: one on the lower level and another spanning the upper two levels. This is a truly special property with boundless possibilities for those seeking serenity, exclusivity, and potential. Creative financing available. Do not visit the property without prior approval. Buyer and agent to verify all zoning.

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Location


Property Details


Parking

  • Description: Attached, Garage, InsideEntrance, RvGated, RvAccessParking
  • Details: Attached, Garage, Garage Door Opener, Private, RV Gated, RV Access/Parking
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 5

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 9
  • # of Stories: 2
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Concrete Block
  • Roof Material: Tile
  • Pool: Yes
  • Solar Panels: Yes

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 16033801015
  • Lot Size: 60984 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: TwoStory, TriLevel
  • Year Built: 1980

Tax Information

  • Annual Tax: $2,771

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas, Central
  • Cooling: Ceiling Fan(s), Central Air, Electric

Location

  • County: Clark

Listing Details


Listed by:
Richard Sparrow
Galindo Group Real Estate
(805) 423-5810

Source:
Las Vegas REALTORS
MLS#: 2694296
Las Vegas REALTORS

Investment Summary


Monthly Cash Flow
-$7,360
Cap Rate
1.8%
Cash-on-Cash Return
-17.1%
Debt Coverage Ratio
0.31
Internal Rate of Return (5 years)
-12.5%

Purchase Details

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Purchase price:
$2,250,000
Amount financed:
-$1,800,000
Down payment:
$450,000
Closing costs:
$67,500
Rehab costs:
$0
Initial cash invested:
$517,500
Square feet:
2,988
Cost per square foot:
$753
Monthly rent per square foot:
$1.71

Financing Details

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Loan amount:
$1,800,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$10,648
Property tax:
$231
Insurance:
$357
Private mortgage insurance (PMI):
$0
Monthly payment:
$11,236

Operating Income

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% Rent Monthly Yearly
Gross rent:
$5,100 $61,200
Vacancy loss: (6%)
6% -$306 -$3,672
Operating income:
$4,794 $57,528

Operating Expenses


% Rent Monthly Yearly
Property taxes: (5%)
5%-$231-$2,771
Insurance: (7%)
7%-$357-$4,284
Property management: (8%)
8%-$408-$4,896
Repairs & maintenance: (5%)
5%-$255-$3,060
Capital expenditures: (5%)
5%-$255-$3,060
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (30%)
30%-$1,506-$18,071

Cash Flow


Monthly Yearly
Net operating income:
$3,288 $39,456
Mortgage payments:
-$10,648 -$127,776
Cash flow:
$7,360 $88,320